KINGS OF FINANCE

Evening Star, Issue 19840, 13 April 1928, Page 6

KINGS OF FINANCE

ANGLO-AMERICAN COMBINE GREAT PROJECTS CONTEMPLATED ANOTHER BOMB ON RAILWAY. (British Official News.) Press Association —By Telegraph—Copyright. RUGBY, April 12. (Received April 13, at 12.30 p.m.) Sir Alfred Mond announced this afternoon the formation of a big combine of British and American financiers and industrialists.

The new company has been registered with a nominal capital of £2,040,000, divided into nominally ordinary £1 shares and 800,000 deferred shares of Is. The ordinary capital will be held in equal proportions by the Imperial Chemical Industries Company, of this country, and the Chase Securities Corporation of New York.

The Board of Directors will include Sir Alfred Mond (who will bo chairman), Sir Harry M'Gowan (who will be deputy-chairman), Mr Albert Wiggin (president of the Chase National Bank of America), the Marquis of Reading, Lord Colwyn, Mr Clarence Graff, and Mr James Gannon (vice-pre-sident of the Chase National Bank). The two last-named will act as joint managing directors on behalf of the American shareholders. An American committee has also been formed to act in consultation and co-operation with the British directors.

It is pointed out that the increasing volume of capital investments by American interests outside the United States and on the Continent of Europe lias been a new fepture since the war, and the desire to direct these into the most profitable channels has led to the idea of the systematic and continuous cooperation of the leading financial and industrial brains of both countries for the development of industries already established or of new ideas.

The new corporation will provide facilities for commercial and industrial financing in the British Empire, in Europe, and in the United States in co-operation between English and American interests, and will develop contracts for the purpose of international industrial development. It will be known as the Finance Company of Great Britain and America.